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IMF: Iceland’s Economy Is Too Dependent On Tourism
A concluding statement of the International Monetary Fund visit to Iceland states that Iceland’s dependence on tourism to fuel its economy has made the country “highly exposed to health, economic, and financial contagion from the COVID-19 pandemic”. While saying that Iceland “stands…
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IMF: Iceland’s Economy Doing Better, But Concerns Remain
The International Monetary Fund (IMF) staff has issued a mostly positive report on the current state of Iceland’s economy, but offered words of caution about the new risks on the horizon. In terms of growth, the IMF staff has concluded that concerns…
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The Crisis In Greece Seen Through Icelandic Eyes
In October 2008, Iceland was hit by a ton of bricks in the form of three collapsing banks. The International Monetary Fund (IMF) agreed to help Iceland out with a loan of $2.1bn, then approximately 20% of the country’s GDP. Greece, too,…
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Central Bank Prepays Portion Of IMF Loan
The Central Bank of Iceland has decided to prepay 50 billion ISK (ca. €320 mi) to the International Monetary Fund (IMF). According to the bank’s statement, this was decided in the light of the bank’s “relatively abundant liquidity position”. Following Iceland’s 2008…
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Down To The Bone: The Healthcare System, Post-Austerity
Following the economic collapse of 2008, the Icelandic State’s debts skyrocketed, reaching 126% of the country’s GDP in 2011. At the same time, State revenue sources ground to a halt, and property devalued. The consumer price index shows price levels on consumer…
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Iceland’s Central Bank Governor Reappointed
Már Guðmundsson has secured a second five-year term as Iceland’s Central Bank Governor, reports WSJ. Már first took the reins at the central bank, Seðlabanki, in 2009 following the financial crisis which saw three of Iceland’s largest banks buckle under crushing debts…
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FT: Don’t Be Fooled By Iceland’s Recovery
The Financial Times have published an article detailing the darker side of Iceland’s impressive recovery from the 2008 economic crash. Unemployment is down as Iceland boasts a growth rate above 3%; tourism, energy and IT businesses picking up pace as the nation’s source of…
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In The Land Of The Wild Boys
After the election, we see the old parties of economic mass destruction are coming back to power. Giving enormous promises of easy money to be wrestled from evil vulture funds, debt relief and tax reduction, The Progressive Party doubled in size after…
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A Deconstruction Of “Iceland’s On-going Revolution”
Last night, ‘Shock Doctrine’ author Naomi Klein tweeted: “#Iceland is proving that it is possible to resist the Shock Doctrine, and refuse to pay for the bankers’ crisis” with a link to an article called, “Iceland’s On-going Revolution,” by Deena Stryker. This…